Monday, March 16, 2009

Do you qualify for mortgage?

By YiLin Zhu on Mar. 16 2009

As everyone knows, banks don’t just loan money to anybody. They want lend their money to someone who they believe going to pay them back with the additional interest. But what are the requirements for the mortgage? Based on my research, you’ll need the following things in order to apply for mortgage.

1. You need to have enough money for the down payment, which is usually a 3% to 20% of the purchase price.

2. You’ll also need a steady employment for two years at least, which shows you are capable to afford to monthly payment.

3. Credit score is also an important factor for applying for mortgage. Even your credit score is not perfect, but it has to be in good shape.

4. Last thing to remember, your income need to be 2 to 3 times higher than your expected mortgage payment, in order to secure you’ll make the payment on time.

However, if you don’t fulfill all the requirements above, you still have some other options. You can go ahead and meet with a lender anyway, and try to get a low-doc or no-doc loan instead. Besides this, use a mortgage broker or get a co-signor also accessible. Another option can be considered is having a friend or family member buy the house and rend-to-own it from them. So there is various ways to get your mortgage.

Source #1; Source #2; Source #3;

1 comment:

  1. Thanks for the great post. I'll be more than happy to answer any questions or feedback your readers might have

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